Trump Doubles Metal Tariffs to Fifty Percent
(MENAFN) U.S. Leader Donald Trump declared a substantial rise on Friday in duties on imported steel and aluminum, elevating the rate from 25 percent to 50 percent.
He described the measure as a step to enhance the safeguarding of American manufacturing.
"Today, I have a major announcement," Trump stated during a speech at a US Steel plant in Pittsburgh, Pennsylvania.
"We are going to be imposing a 25 percent increase. We're going to bring it from 25 percent to 50 percent the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States, nobody's going to get around that," Trump said.
He maintained that this adjustment would eliminate loopholes exploited by overseas producers to evade earlier levies.
"So, we're bringing it up from 25 percent, we're doubling it to 50 percent and that's a loophole," he continued.
Speaking to stakeholders in the American steel market, Trump remarked: "At 25 percent, they can sort of get over that fence. At 50 percent, they can no longer get over the fence, so congratulations to everybody, and to you, for making a great deal."
"I said the tariff to me is the most beautiful word in the dictionary," Trump also said.
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